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MARINE HULL INSURANCE
Marine Hull Insurance is a kind of insurance which can get protection for vessels which chug along local and international.
- Marine Hull Insurance Policies
- Premium Rating
- Normal Premium Rating
- Short Term Rating Voyage
- Insurance Period & Value
Policies
Inland Marine Hull Insurance Policy (Voyage) Inland Marine Hull Insurance Policy (Time) Oversea Marine Hull Policy (Voyage) Oversea Marine Hull Policy (Time)
Premium Rating
Define on the kinds of vessel, width, length, height, Gross Registered Tonnage, vessel’s age and water area.
Iron body (Oversea/Domestic)
Normal Premium Rating
Deductible -500,000/- or equivalent Additional Coverage Premium Rating war, strikes, malicious acts and nuclear – 0.5%
Wooden Body Domestic (Oversea is not allowed)
River Commercial Vessel : 1.4%
Coastal Commercial Vessel : 1.8%
Coastal (Fishing Boats) : 2.0%
| Vessel’s age (Year) | Hull & Machinery | Increased Value |
| 1-5 | 2.00% | |
| 6-10 | 2.25% | 0.30% |
| 11-15 | 2.50% | |
| 16-20 | 2.75% | 0.65% |
| Over 20 | 3.00% |
Short Term Rating Voyage
Within 15 days of 1 year premium – 1/12 1 month – 2/12 2 months – 3/12 3 months – 4/12 4 months – 5/12 5 months – 6/12 6 months – 7/12 Over 6 months – 1 full year
Insurance Period
(a) Voyage (b) 1 year from the date of premium paymentInsurance Value
This is the agreed value between insurance company and policy holder.